Gateway Savings and Loans Limited, a state Mortgage bank, has recently secured the disbursement of N160m National Housing Fund Loan (NHF).

A statement issued on Saturday by the state mortgage bank stated that the fund was processed on behalf of Ogun State Civil Servants who bought into the Laderin Housing Estate and some private individuals who applied for the loan for their housing needs.

“We are proud to have the recognition and support of Federal Mortgage Bank of Nigeria (FMBN) at this point in time as this will enable us to significantly expand our sales and marketing efforts on NHF loans as well as on other mortgage products,” said Mr. Olawale Osisanya, Managing Director, Gateway Savings and Loans Limited.

Osisanya explained that this feat was made possible because Ogun State Governor, Senator Ibikunle Amosun, approved the injection of N2.5bn into the bank in December 2014.

“The injection of this fund made it possible for the bank to obtain its current license of a State mortgage bank,” Osisanya said.

He added: “This is a phenomenon that has significantly expanded the bank’s sales and marketing efforts, as well as accelerated our product roadmap… In the medium term our expansion plan will cover opening of additional branches in Mowe/Ibafo, Ijebu-Ode, Sagamu and Ago Iwoye while the long term plan of the bank will be to upgrade its status into a national mortgage bank.”

In addition, Osisanya said the bank was already working in collaboration with the Ogun State Property & Investment Corporation (OPIC) to develop houses that will cater for low-income earners in the state targeting a maximum price of N5 million.

He said a similar arrangement was also ongoing between the bank and the Ogun State Housing Corporation (OGSHC) to provide houses for interested middle level staff of corporate organisations.

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